From June 1, 2017, Grenada’s Ministry of Finance will no longer consider applications for a waiver of applicable duties and concessions on vehicles that are five years old and over.
The Ministry says the policy decision has become necessary as Grenada’s Government “continues to honor its commitment to environmental stewardship and sustainable development.”
Grenada has made a number of changes to its tax regime lately. On January 1, 2017, the personal income tax rate was cut from 15% to 10% on annual salaries of between XCD36,000 (USD13,333) and XCD60,000 (USD22,222). Salaries up to XCD36,000 (USD13,333) are exempt from tax, while salaries in excess of XCD36,000 (USD13,333) are subject to tax at the rate of 30%. Income tax on pensions was removed from January 2017.
In addition, from the 2018 tax year, the annual stamp duty rate is to be cut from 0.75% to 0.7%.
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